Reporting entities under the AML/CFT Act

Who must comply with the Act and how

The Anti-Money Laundering and Countering Financing of Terrorism (AML/CFT) Act 2009 imposes obligations on businesses that provide certain financial services. These businesses are known as ‘reporting entities’. When registering as a financial service provider, you’ll be asked to declare whether or not you are a reporting entity.

Who is a reporting entity?

Reporting entities are defined in the AML/CFT Act, and supervised by 3 bodies – the Financial Markets Authority, the Reserve Bank of New Zealand, and the Department of Internal Affairs – according to the financial activity.

Not all financial service providers will be reporting entities, so it’s important to be sure about your status and responsibilities under the AML/CFT Act. Failure to meet your obligations could result in a significant fine, or even imprisonment.

For further information about reporting entities, please refer to the following websites. You may also wish to seek professional legal advice.

Financial Markets Authority

Reserve Bank of New Zealand

Department of Internal Affairs

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